GOOD MORNING CHOP FAMILY!
Thursday purge day. Take the time to delete all of the spam emails from your inbox, and the other 47 newsletters you get, but keep this one and stay on top of the latest’s from Mama Africa,
No matter how long a log lies in the river, it will never be a crocodile.
A deal may be close in the Middle East, but we have heard that before, but there are a lot of crises on the continent that we should not neglect to remember.
Remember to keep things in perspective as much as possible, we live in a truly global economy, but our local communities are key.
BUSINESS
Moove- Get out the Way!
Lagos has a new Unicorn. Is that even possible? Moove, is a mobility fintech company that provides revenue based “drive to own” vehicle financing for delivery drivers and ride share operators.
It operates with a non traditional approach and does no rely on normal criteria like credit worthiness or big down payments. Essentially it allows these drivers to pay down the cost of their vehicle with some of the revenue that they earn each day.
So how did Moove become the latest African unicorn? Well they just raised a record $250 million in a series C funding round. That’s massive and is the most for any one company in 2026 in Africa.
The interesting thing about this latest round of funding is that the money is not earmarked for more capital to loan out, but it is specifically targeting autonomous vehicles and robo-taxis, as well as “Nests” - Nests are facilities where autonomous vehicles will be charged, serviced and maintained.
And just for the record, a Unicorn is any privately held tech start up that has a valuation of over $1 billion.
FINANCE
Cant Beat’em - Regulate Them
Nigeria has a very confusing approach to Crypto-currencies, one that left many in the lurch and worried that they would be classified as illegal or banned outright. Well the murky waters just got a big clearer - maybe?
This has made it tricky for Nigerian crypto kings, since Nigeria has one of the most active and robust crypto communities. The new policy may help bring crypto traders out of the “grey zone” where they have been operating for many years.
Nigerian President Bola Tinubu just announced that they will begin to tax crypto trades a step to boost revenue for the West African nation. The approach will levy a 1.5% stamp duty that would not collect in Naira (local currency) but a percentage of the actual crypto currency.
All the details have not been completely ironed out, so more to come, but I know one thing for sure and two things for certain - Nigerians will find a way around this tax.
Quick Bites [AI SUMMARY]
Telco Regulatory Hit: MTN Nigeria's fintech revenue dropped 72.4% in Q2 after consumer protection regulators forced a suspension of its Xtratime airtime credit product, showing how quickly single regulatory decisions can impact telco revenues. Source
Water as Infrastructure: A landmark report from the Asian Infrastructure Investment Bank published on CNBC Africa urges global leaders to view the water cycle as critical infrastructure to prevent global water bankruptcy. Source
Uganda Refinery Timeline: Ugandan energy officials announced target timelines for their final investment decision on the nation's domestic crude oil refinery project early next year. Source
What Else is Cooking? [AI SUMMARY]
One Company Just Bought the Champions League for All of Sub-Saharan Africa.
If you watch European football anywhere in sub-Saharan Africa, take note: the landlord just changed. Canal+ has acquired exclusive rights, in all languages, to every UEFA men's club competition across more than 40 sub-Saharan countries, for four seasons from mid-2027 through 2031. That's the Champions League, Europa League, Conference League, Youth League and the Super Cup, all under one roof.
Dish of the Day 🥘
Luwombo
Originating in the late 19th century for the royal court of the Kingdom of Buganda, Luwombo is a rich dish of beef, chicken, or smoked fish simmered in a creamy, toasted groundnut (peanut) sauce with onions and local spices.
The magic lies in the vessel: the entire stew is wrapped tightly inside fresh, gently warmed banana leaves and slow-steamed over a low wood fire for hours.
When opened at the table, the banana leaf releases an unforgettable smoky, sweet herbal aroma. Served alongside hot mashed matooke (steamed green plantains), it is an absolute royal feast.
Hungry for more? If this newsletter was forwarded to you, hit that subscribe button to get the Daily Chop in your inbox every week!
